Starting today, April 2, 2025, Ghanaians will see a slight increase in fuel prices at the pumps. This is based on the latest Pricing Outlook Report obtained by JoyBusiness, which provides guidance for Oil Marketing Companies (OMCs) for the pricing window of April 1 to April 15, 2025.
According to the report, the price of petrol will rise by 2%, bringing it to GHC 15.20 per liter, while diesel will increase by 1.1%, reaching GHC 15.35 per liter. However, consumers of Liquefied Petroleum Gas (LPG) will get a slight relief as its price is expected to drop marginally by 0.3%, with a kilogram selling at GHC 17.30.
These adjustments follow a period of three consecutive fuel price reductions over the past month, making this increase a notable shift.
The primary reason behind this fuel price increase in Ghana is the rising cost of crude oil on the international market.
Over the current pricing window, crude oil prices have climbed by 0.86%, with oil currently trading at $74 per barrel. This rise is largely driven by global supply constraints, mainly due to U.S. sanctions and trade policies affecting major oil-producing nations such as Iran and Venezuela.
Interestingly, unlike previous fuel price hikes, this increase is not linked to cedi depreciation. The Ghanaian cedi has remained relatively stable against the U.S. dollar throughout March 2025, even appreciating slightly by 0.07% in the last week of the month, thanks to interventions by the Bank of Ghana.
Despite the expected price increases, some Oil Marketing Companies may choose to keep their fuel prices unchanged due to market competition and consumer demand.
Industry experts acknowledge that each time fuel prices rise, demand tends to drop. As a result, some OMCs may adopt a wait-and-see approach, monitoring the market before making any price changes.
Therefore, while some fuel stations will implement the new pricing from April 2, 2025, others may hold onto their current rates in an attempt to retain customers and maintain sales volumes.
While fuel prices in Ghana are set to increase slightly due to rising crude oil costs, the impact on consumers may vary depending on the pricing strategies of different Oil Marketing Companies. With market forces and competition at play, some OMCs may maintain their current prices, offering temporary relief to motorists and businesses.
As fuel price trends continue to evolve, consumers are advised to stay informed about developments in the energy sector and compare prices before refueling.
